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U.S.: MedMen Raises $3.75 Million To Launch Ops In Nevada, Illinois

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MedMen, a turnkey management company providing services for the cannabis industry, on Thursday announced that it has secured $3.75 million in financing to launch operations in the states of Nevada and Illinois.

The funds will go toward corporate infrastructure and regional MedMen offices in the two states. MedMen's clients have been awarded an unprecedented 13 licenses for medical marijuana businesses in Nevada, and have 12 applications pending state licensure in Illinois.

The funding represents the largest capital investment ever in a full-service cannabis management firm. Financing came from several backers, the largest being N Squared Management.

"Our investment in MedMen is based on our assessment of the dynamic growth potential of the marijuana industry," said Fred Portnoy, president, N Squared Management. "It also reflects the excellent record that MedMen has established in helping more than 100 businesses navigate and succeed in the legal marijuana market."

The initial $3.75 million investment will be followed by a second round of capital raising, with those funds earmarked to expanding the infrastructure and support for MedMen's clients as they ramp up their operations in Nevada and Illinois. MedMen will be establishing regional offices in those states to be staffed by executive management that reports back to the LA-based headquarters.

Nevada: Medical Marijuana Consulting Firm Partners With Two Local Law Firms

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By Steve Elliott
Hemp News

The Medmen, a full service consulting and marketing group focused on the medical marijuana industry, has partnered with two Nevada law firms to provide clients with help in navigating the licensing process and legalities for the new medical marijuana dispensary program in the state.

"Connor & Connor, PLLC and Garrett T. Ogata, Esq., are expected to be a valuable resource for The Medmen clients as they are well-versed in the tumultuous nature of marijuana policy and won't shy away from being involved in a controversial industry where laws are fickle," The Medmen stated in a press release.

According to The Medmen, these law firms can assist clients with the complicated legal issues involved and the contradictions between state and federal laws, helping clients successfully obtain licensing and operate businesses successfully.

On July 1, the Nevada Medical Marijuana Collective Bill, SB 374, went into effect, making medical marijuana available to cardholders and setting requirements for growers, processors, and dispensaries to follow. Despite the attention to detail officials put into keeping medical marijuana regulated under the bill, federal law still maintains that growing, possessing, or distributing cannabis is illegal.

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